Advantage Auto Loan: All You Need to Know

You want to know that you’re getting the best auto loan rate and a manageable payment, whether you’re buying a new or used automobile. You may buy with confidence knowing you won’t overpay if you get pre-approved at Secured Advantage before you go shopping. We can also assist you if you aren’t shopping but want to save money. Refinance right now.

Advantage Auto Loan: All You Need to Know

Advantage Auto Loans set out to make the car loan application procedure as simple as possible for customers with bad credit. The organization works with a nationwide network of loan partners to help you find finance that fits your needs.

Here are some things to consider if you’re looking to lease or buy a car and are considering financing with Advantage Auto Loans.

1. Zero-interest loans are available.

Some of Advantage Auto’s partner lenders provide no-money-down auto loans. This may appear to be a significant benefit if you don’t have the funds to put down on a car, but not all applicants will be eligible. If you do, read the fine print carefully since you may end up paying more than the automobile is worth over the life of the loan.

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2. Monthly pre-tax income of over $1,499 is desired.

While most credit profiles are considered by Advantage Auto Loans, the lending platform indicates that applicants with a pre-tax monthly income of over $1,499 are preferred. If you make less, getting authorized with the company’s lenders or dealers may be more challenging.

3. There is no prequalification procedure.

Some lenders will allow you to apply for loan prequalification before submitting a formal application so that you can receive an estimate of your chances of being approved. Prequalification might give you an indication of the conditions and interest rate you might obtain if you’re approved, and you can compare them to other prequalification offers, albeit it’s not a guarantee of acceptance. Prequalification is not available with Advantage Auto Loans. If you want to learn more about the terms, you’ll need to fill out a comprehensive loan application, which will result in a hard credit inquiry. see more New Loan Crossword Clues for 2022: How to Go About it

Advantage Auto Loans: A Closer Look

Here are some additional Advantage Auto Loans details to consider.

Most credit profiles will be considered by Advantage Auto Loans, including those seeking a car loan after bankruptcy or a vehicle repossession.

You can still apply for an auto loan if you’re a freelancer or self-employed as long as you can establish your income.

Even if you’re a first-time car buyer who has never owned or leased a car or acquired auto financing before, Advantage Auto will take your loan application into consideration. see more student loan forgiveness

The platform’s lenders report to all three main consumer credit bureaus, which may help you develop credit if you make on-time payments and manage your loan responsibly.

Advantage Auto may be able to connect you with a lender that accepts trade-ins if you still owe money on your existing car but want to trade it in. It may be able to assist you even if you haven’t paid off your present loan — but be aware that you may end up with a new vehicle loan that is in default.

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Are you eligible for an Advantage Auto Loan?

If you have a limited or difficult credit history, or if you’ve had a bankruptcy or repossession, an Advantage Auto loan may be worth considering. Because the organization works with so many lenders and dealers, it may be able to connect you with someone who can provide you with auto financing, though not always at the best rates.

If you have good credit, Advantage Auto might be a good fit for you because of the low interest rates offered by some of the lenders it works with.

In any case, you’ll be at a disadvantage without a prequalification option because you won’t know whether you’ll be authorized without actually applying and submitting to a rigorous credit check. And this could harm your credit scores while you’re still looking for a loan.

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How do I apply for an Advantage Auto Loans loan?

You must utilize Advantage Auto Loans’ online application to apply for an auto loan. Before applying, you will not be able to prequalify to check prospective rates.

It’s a smart idea to check your credit and shop around for loan offers before applying for an auto loan with Advantage. Understanding your credit score might help you establish expectations; lower credit scores typically mean higher interest rates. And comparing loan offers and browsing around will help you get the best rates and terms for your needs. For additional information, see our article on how to secure a car loan.

Are you unsure if Advantage Auto Loans is the perfect choice for you? Consider the following options.

If you’d prefer to apply for prequalification first to check your anticipated terms, a Capital One auto loan would be a smart alternative. check outIDBI Federal Home Loan Insurance – How to get IDBI Insurance

A Bank of the West auto loan may make sense if you’re currently a Bank of the West customer or wish to purchase an electric vehicle.

Bank Auto Loans: Advantages and Drawbacks

It helps to understand how a bank loan approval can play a role in your next vehicle finance agreement whether you’re looking at bank auto loans and other options, such as borrowing from a local dealership or leveraging connections with a credit union or other third party lender. Here are some of the advantages and disadvantages of going through a traditional bank against all of the other options available to you. Various lenders may be interested in lending you money to buy a car or truck.


Established Lenders – Banks are one of the most well-known lending institutions. They are unlikely to indulge in some of the scams used by ‘cheap money businesses’ and other third parties. Customers typically benefit from choosing lenders with high cash flow, trustworthiness, and a solid reputation.

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Additional Services – Banks can assist with mortgages and other types of loans in addition to auto loans. A home equity loan or a home equity line of credit (HELOC) can be used to finance an auto loan at some institutions. Making your bank a one-stop shop for all types of borrowing, including car loans, can help you save time and money.

Pre-approval – Some banks will allow you to get a car loan pre-approved. To be able to walk into a dealer’s lot with confidence and know what kind of car you can afford before speaking with a salesperson. This option can be beneficial for consumers who do not totally trust their local dealership or who simply want a clearer understanding of their financing eligibility.


Rates for ‘Unconventional’ Bank Loans are Lower

Some banks claim that they are “not in the business” of making auto or personal loans. They will reluctantly provide you with an auto loan, which may come with higher or uncompetitive interest rates. These are not the finest lenders for vehicle financing. Find someone who is interested in striking a deal for your money if they aren’t.

Preferred Customer Status is Skipped – If a bank does not know you or have a financial history with you, you will not receive some of the preferred customer status that you may receive from another lender. For example, a local credit union linked to your employment or the dealer where you bought your last automobile.

Third-party Loans and Dealer-Lot Finance

– Because a bank will supply outside financing for your next automobile, communicating with this outside party may be more difficult than communicating with your local dealership. As a result, some consumers prefer to forgo the outside process and work out their financing right there on the dealer’s lot. It all depends on the deals you can obtain from third-party lenders vs what your dealership has to offer.

The list above highlights some of the most significant benefits as well as some of the most prevalent disadvantages of utilizing a bank to finance a car or truck purchase.

Requests to cancel a loan will be treated as a loan repayment,

and the existing loan balance, including any incurred fees and interest, must be paid in full. When compared to your current scenario, refinancing may raise the total number of monthly payments and/or the total amount paid. Although your refinanced monthly payment may be cheaper, you should carefully evaluate the amount of any refinancing expenditures, such as state taxes and titling fees, as well as the potential rise in interest charges and the additional years required to pay off your loan. Consider whether refinancing will result in the cancellation of any supplementary goods included in the loan you’re refinancing, such as GAP insurance or waivers.

Based on the Approval Officer successfully contacting the consumer and getting the information required for underwriting evaluation. An authorized loan’s length, amount, interest rate, and repayment schedule may vary depending on creditworthiness.

Rate is valid for 30 days from the date of submission of the original application.

Mercedes-Benz USA, LLC, which is exclusively responsible for any discount on a Mercedes-Benz vehicle, is providing this incentive program. This program is only available to applicants who finance their Mercedes-Benz automobile through Bank of America, N.A. Approved credit applicants must take this form to a Mercedes-Benz dealership of their choice and take delivery of their vehicle to earn the Mercedes-Benz incentive.

The calculator’s output is also intended for illustration purposes only, and accuracy cannot be guaranteed.

The Bank of America and its subsidiaries do not provide tax or legal advice. This calculator does not provide tax, legal, financial, or investment advice, and it does not guarantee the availability of, or your eligibility for, any specific product offered by Bank of America, its affiliates, or any other institution, nor does it predict or guarantee the actual results of any investment product. The terms and conditions of items offered by institutions will vary, which may influence the calculator’s results. Please get advice from knowledgeable authorities about your circumstance. Due to additional expenses that may be applied, the final APR may differ from the APR in the above results.

The 0.25 percent to 0.50 percent relationship interest rate discount on a Business Advantage Auto Loan purchase or refinance loan is eligible only for applicants who are engaged in the Preferred Rewards for Business program at the time of loan application.

On a Business Advantage Auto Loan,

the maximum relationship interest rate discount is 0.50 percent. Preferred Rewards does not apply to Business Advantage Auto Loans, therefore no candidate is eligible for a discount. This interest rate discount for relationships is not reflected in our public rates on our website, but it will be reflected in the interest rate provided upon loan acceptance. Discounts are offered only on auto loan applications submitted directly to Bank of America by you, not through dealerships. Benefits cannot be transferred. Credit approval is required. Standard credit policies and underwriting requirements apply.

The Dun & Bradstreet Business Credit Score Program is intended solely for educational and non-commercial reasons.

This free benefit is only available to Bank of America Small Business clients in the United States who have an open and active Small Business account and have properly enrolled in Business Advantage 360 to access the Dun & Bradstreet business credit score and have a Dun & Bradstreet Business Credit Score available. Enrollment in the program and access to the business credit score both require a Business Advantage 360

small business online banking ID.

Only the account owner of Business Advantage 360 is eligible to participate in the program; administrators and sub-users are not. The program is not accessible through the Mobile Banking app. The business credit score from Dun & Bradstreet (also known as “The D&B® Delinquency Predictor Score”) is based on Dun & Bradstreet data and may differ from other business credit ratings. Dun & Bradstreet is an independent third party, and Bank of America makes no representation or warranty regarding Dun & Bradstreet’s company credit score.

Get your car loan rolling.

It’s time to shop around for a better vehicle loan. We make the process simple with a straightforward application and a rapid closing, whether you’re buying a car or refinancing a loan. After all, you’d rather be driving around in your car and saving money. Extended warranties and guaranteed asset protection (GAP) are also available at reasonable prices.

1st Advantage can help you finance your new car loan.

Take advantage of lending offers that make buying a car quick and easy. By refinancing with 1st Advantage, you can save hundreds, if not thousands of dollars over the life of your auto loan. There are certain restrictions.

Rates tailored to you

When it comes to credit union vehicle loans, the reasonable solutions provided by 1st Advantage can help you achieve your goals.

Our pricing are designed with our members in mind. Our loans are designed to help you get the best available financing at the best possible rate.

Members of 1st Advantage can get loans for new and used cars, motorcycles, RVs, and boats. We have terms up to 84 months and even 96 months available.

For auto loan refinancing, rates as low as 2.49 percent * APR are available.

For new or used auto loans, rates as low as 2.74 percent * APR are available.

Annual Percentage Rate (APR) Regardless of reductions, the minimum APR offered is 2.49 percent. There are more terms available, including a minimum funded amount and minimum monthly payments. The 2.49 percent APR includes a 0.25 percent reduction for refinancing from another financial institution as well as a 0.25 percent discount for setting up auto pay. The 2.74 percent APR includes a 0.25 percent reduction for setting up automatic payments.

The APR is determined by your creditworthiness as defined by your credit score and loan period, as well as the condition of collateral and mileage. Rates are not guaranteed and are subject to change without notice. The mileage and condition of the collateral will be taken into account.

There are several limitations.

A Recreational Vehicle loan requires a cash down payment of at least 20%.

Don’t overspend on your next vehicle.

Start your next car search with 1st Advantage’s Car Buying Service powered by TrueCar, whether you’re looking for a new or used vehicle. This online service makes car shopping more convenient and pleasant, providing a hassle-free experience that ensures you save money on your vehicle purchase price and avoids overpaying.

Our Members have saved an average of $3,402 off MSRP*.

Features of the 1st Advantage Car Buying Service

Member Price Savings: Before you talk to a dealer, compare pricing on the automobile you want and get the 1st Advantage Member Price for assured savings.

Get the knowledge you need to make smart car-buying decisions with our free, comprehensive price reports.

Our Certified Dealer Network can help you save money: Use a carefully selected network of local dealers dedicated to providing you with a hassle-free car-buying experience.

The Beginning

When you’re ready, follow these three simple steps to make buying a car less stressful.

Compare: To find your dream car, tell us your choices (make, model, and other options). Alternatively, browse through our extensive used automobile inventory. Then compare pricing from various dealers.

Connect: Choose a TrueCar Certified Dealer in your area and print a Guaranteed Savings Certificate**. You’ll work with your chosen dealer to purchase the vehicle you want.

Pre-Approval: Before going to the dealer, apply for a 1st Advantage pre-approved used or new auto loan.

Poor credit?

You’ve come to the right place if you’ve been looking for a lending firm that recognizes that having terrible credit in the past shouldn’t have to influence your future. We specialize in offering a motor finance lifeline to would-be car owners who have been turned down by other lenders. Being denied car or vehicle credit is aggravating enough on its own, but when you rely on a vehicle, it can entirely derail your plans.

Many times, being denied credit is due to no fault of your own; we know that many people who are denied are trustworthy, reliable, and responsible people who are fully capable of paying their debts on time. As a top car lending company, Advantage Finance understands that bad credit can happen. Our financing choice, however, is based on your current circumstances, not just those from the past. All we ask of our consumers is that they want to rehabilitate their credit by sticking to the repayment schedule. Our staff is warm, approachable, and entirely understanding, so you can count on us to go above and beyond to get you behind the wheel.



You simply will not find lower auto financing rates anywhere else in the Binghamton area when it comes to car loans and Subaru leases. Our knowledgeable Matthews Subaru auto loan team is ready to approve your next loan right now. You’ve come to the right place if you need a car loan for a new Subaru or a used automobile.

Apply for advantage auto sales now 

Both new Subaru and used car loan approvals are available in the greater Binghamton area. Whether you have horrible credit, perfect credit, or anywhere in between, we can help you get approved for an auto loan today! There are no obligations to buy if you get accepted for a vehicle loan in the Binghamton region online. Because Matthews Subaru offers a large nationwide network of lenders, you may get approved for your next vehicle loan fast and effortlessly. Auto loans are available for all makes and models, whether it’s a new Subaru or a used automobile. Use our vehicle financing application form to apply online today and get approved swiftly.


Trying to decide between a car loan and a Subaru lease? Matthews Subaru’s vehicle finance experts in Vestal can assist you in making the best selection for you and your family! If you anticipate on driving your Subaru more than the usual driver, a car loan may be preferable to a lease because leases typically include mileage restrictions. Do you enjoy utilizing cutting-edge technology? When you lease a car, you usually get a completely new automobile every few years.


Allow us to tailor a car loan package to your specific requirements. Come in and see us at 3013 Old Binghamton Road, or give us a call.


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